Ajman Bank and Commercial Bank of Dubai from the UAE have successfully secured debt funding for Pakistani Murabaha worth $ 350 million.
PJSC Ajman Bank and PJSC Commercial Bank of Dubai are the designated arrangers of the Islamic Republic of Pakistan through the Ministry of Finance.
The Islamic Lending Facility was originally finalized at $ 200 million but has managed to attract more than 75 percent thanks to strong demand from local, regional, and international investors. The deal was fully signed by 12 banks. PJSC “Ajman Bank” also acted as an investment agent under the agreement.
“This arrangement is another success in financing Pakistan’s requirements and bolsters investor confidence in Pakistan’s potential, fueled by ongoing structural transformation and continued investment in the country’s physical infrastructure,” the statement said.
According to the details, the main investors in the deal were United Arab Bank and Commercial Bank of Dubai, and Ajman Bank, Gulf International Bank, Arab Investment Company, Islamic Corporation for Private Sector Development (ICD)
Earlier this year, Pakistan capitalized on the rising demand of international capital markets to sell bonds to build up foreign exchange reserves. As a result, 5-years, 10-years and 30-years bonds were issued, with the cumulative amount of $ 2.5 billion in debt funding through Eurobonds.
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